IVA’s ‘are an option for struggling gamblers’

Insolvency practitioner Phillip Allen suggests that consumers across Britain are finding it increasingly easy to accumulate debts through online betting websites and many seem certain that bankruptcy is their only option.

And Mr Allen, who runs the Debt Lifeboat company, also claims that in many cases people who have run up debts through gambling are treated more harshly than other credit consumers.

He commented: “We often meet with people who have got into debt problems through gambling and can help them find a solution if they are prepared to stop gambling completely, seek professional help for their addiction and destroy their credit cards.”

Over 100,000 people in England and Wales entered into to an IVA over the course of 2006, accountancy firm KPMG reported earlier this year.

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ClearDebt proposes and administers Individual Voluntary Arrangements (IVAs). We only provide advice on the basis that there is reasonable contemplation of an insolvency appointment, once it is apparent that an IVA is likely to be the most appropriate debt solution.

David Emanuel Merton Mond is licensed to act as Insolvency Practitioners in the UK by the Insolvency Practitioners Association.
Elaine Masters is licensed to act as an Insolvency Practitioner in the UK by the Institute of Chartered Accountants in England and Wales.